Discuss about the Challenging and Competitive Business Era.
For this research paper, I would like to select Toowoomba chamber of commerce as a research organization. In this paper, I will design a marking audit for the selected organization. It is because of a marketing audit is very essential for the success and growth of the business organization. The marketing audit also plays a significant role in order to accomplish the competitive advantages in an effective and a more comprehensive manner. This research paper would be beneficial in order to provide an overall overview of the organization. Along with this, this paper would also be helpful to evaluate the business environment of the firm.
Furthermore, this paper would also be valuable to conduct SWOT analysis, TOWS analysis and PESTLE analysis in order to examine the internal as well as external business environment of the firm in an effective and a more comprehensive manner. In addition to this, this paper would also be beneficial in order to conduct target market, customer, competitor, and stakeholders’ analysis to accomplish the business goals and objectives in an effective and a significant manner. Finally, this paper would also be advantageous to provide recommendations that the firm must implement for the success and growth of the business in today’s more complicated business environment.
Section 1: Organizational Overview
Toowoomba Chamber of Commerce (TCC) is known as the largest regional chamber of Australia. Toowoomba Chamber of Commerce (TCC) started to operate its business in 1899.
The Chamber plays a significant role in order to protect business interests and to present a secure future to the community (Toowoomba Chamber of Commerce. 2016). Along with this, it is connected with the commercial as well as cultural development of the Toowoomba. In past years, TCC has played a critical role in numerous initiatives such as: the Heritage Bank Toowoomba Chamber of Commerce (HBTCC), Carnival of Flowers (CF), Business Excellence Awards, Toowoomba Business Excellence Awards (TBEA) and so on. These initiatives have contributed into the growth of the economy of city. In current, it provides top quality information services and also offers superior business networking opportunities to the people or members. Moreover, at present, a wide range of committee of TCC works across the different region of Australia. The vision, mission, and brand value of TCC is as below:
Vision: The vision of TCC is to maintain sustainable economic growth within the Toowoomba area in a proper way (Toowoomba Chamber of Commerce. 2016).
Mission: The mission of the TCC is to promote businesses all the way through provide training and also improve their knowledge in an appropriate way. Moreover, the mission of TCC is to deal with members effectively in order to overcome present as well as future challenges in a significant manner.
Brand Value: The TCC administers the wealth protection team in order to improve wealth of the corporation in an effective way (Toowoomba Chamber of Commerce. 2016). Moreover, the TCC also focuses on rebranding as well as prelaunch of the business. TCC develops its brand value in the Toowoomba area all the way through providing the premier advocate as well as networking services in the area.
Section 2: Environmental Scan
An environment scanning plays a significant role in order to recognize the macro and micro environmental factors related to business that may have an effect on the performance of the business. In other words, it consists of both internal and external analysis of the business firm. Along with this, TCC conducts environmental scan to assess the current situation and aptitude of the business that is essential in order to survive today’s more complex business environment (Nwankwo and Gbadamosi, 2011). Moreover, TCC conducts SWOT, TWOS, and P PESTEL analysis in order to appraise the macro as well as micro environmental factors in an effective way.
SWOT Analysis: SWOT analysis points out the major strengths, weaknesses, opportunities and threats of the business. SWOT also plays a significant role in order to provide valuable information and data for the success of the organizations. Moreover, strengths & weakness points toward the internal environment and opportunities & threats stands for the external environment of the business (Chernev, 2010). Along with this, with the help of SWOT analysis, business firms can make out positive as well as negative aspects of business in an appropriate way. TCC also conducts SWOT analysis to evaluate its current condition and situation properly. The SWOT analysis of TCC is as below:
Strengths: The major strength of TCC is that it improves the quality of life within the area in order to develop and maintain business communities in an effective way. Along with this, business communities also play a vital role to offer products and services for the people. TCC also allows people to get pleasure from marvelous quality of life (Malhotra, 2011). Moreover, the other strength of TCC is its motivational factor. For case, it provides reward to the organizations those perform best in their field.
Weaknesses: The major weakness of the TCC is programs, policies, and strategies adopted by the firm. It is because of its policies increases the cost of the firm and also decreases the revenues of the TCC. In addition to this, the other weakness of TCC is that it totally depends on other sponsors for instance the Heritage Bank for finances in order to run other business activities or programs (Aaker, 2010).
Opportunities: TCC has an opportunity to enter in the new market in the area of Toowoomba. TCC requires enter in the other segments such as: Live Strong Life Insurance and so on in order to endorse its business in these segments for economy growth. Along with this, TCC also has loads of opportunities in the field of advanced technology, research & development and infrastructure (Paley, 2009). Moreover, by providing the most modern technologies and superior infrastructure, TCC would be able to improve its network and business area in the Toowoomba region.
Threats: Economic as well as employment uncertainties are the major threats in front of TCC that may influence the overall network and business communities of the firm in a negative way. Moreover, the lack of funds is also other threat that TCC may face in future time period (Cant, 2009). In this way, it can be assumed that, these are the major strengths, weaknesses, opportunities and threats of the TCC.
TOWS Analysis: TOWS analysis is also famous as TOWS matrix. TOWS analysis is similar to SWOT analysis. The major difference is that in the TOWS analysis, business firms examine threats and opportunities. After that, business firms focus on the weakness and strengths of the business (Loudon, 2011). Along with this, the TOWS matrix of the TCC is as below:
1. Lack of collaboration with business association
2. Changing political environment of Australia (Toowoomba Chamber of Commerce. 2016).
1. New segments to enter
2. Large number of members all the way through joint venture
3. Confiscate barrier
1. Continuous changes in the political environment of the nation
2. New board member
1. High brand value
2. Long term sustainability (Mullins, 2009).
3. Proficient in business development policy
PESTLE analysis that is also recognized as PEST analysis is a sign of the political, economical, social, and technological factors that influence the performance of the TCC. Moreover, PESTLE analysis is also well-known as macro-environment situation analysis. PESTLE analysis involves the external factors of the business (Bates, 2009). In addition to this, these factors provide support to the TCC in order to maintain its position in the area. The PESTLE analysis is give as below:
Political: Political factors consist of political rules & regulations, government stability, tax policies, trade restrictions, labor law, and so on. The political factors are favorable for the TCC. It is because of the government of the less is stable that provide support to the business; so it can run its operations within the region in an effective and a more comprehensive way. Along with this, the political factors point toward positive signs to TCC in order to accomplish success and growth in the area (Palmer, 2012). Moreover, TCC also follows all government policies, rules and regulations of the Australia to accomplish its goals and objectives in a pre-determined time period.
Economical: Economic factors take in economic growth, exchange rates, interest rates, and so on that have an effect on operations as well as decisions of the business. The growth of TCC totally depends on the economic trends such as: GDP, employment rate, and consumption level of the nation. The economic trends are favorable to TCC. It is because of economic trends increased employment rate of the nation in previous years (Brei, Vieira, and Matos, 2014). Along with this, it should also be noted down that, Heritage Bank is the biggest mutual bank of the Australia that is sponsor of TCC and also plays a major role in order to maintain its business activities and programs in the Toowoomba area.
Social: Social factors consist of the cultural aspects, demographics, population growth rate, traditions, age group, and so on that also have effect on the overall performance of the business. The social aspects of the nation provide support to the activities and initiatives of TCC. The main reason behind it is that Australia is famous for the social dynamic in its different areas (Krstic, and Popovic, 2012). As a result, it has great impact on the organizational process of TCC. Moreover, the labour of nation is highly skilled and this also has a positive impact on the performance of TCC. For that reason, the social factors are favorable for the TCC.
Technological: The adoption of advanced technology is also essential to each and every organization in order to maintain their position in the market. Along with this, the changes and innovation in the technologies may create difficulties for the business firms. TCC adopts and implements advanced technologies in its business process in order to provide high quality services to the customers of Toowoomba region (Choudrie, and Middleton, 2013). In addition to this, TCC also uses advanced technology to deliver business oriented services, to condense the cost and to improve the quality of services in an effective and an appropriate manner.
In this way, PEST analysis points toward the external factors that may create risks to the business.
Section 3: Customer, Competitor and Stakeholders Analysis
The target market analysis, customer analysis, competitor analysis, and Stakeholder analysis of Toowoomba chamber of commerce is given as below:
Target Market Analysis: TCC is one of the most famous advocacy as well as business support providing association that delivers essential advocacy to the large organization in local business community. Along with this, the target market of TCC is the local business community that grows within and outside of the country like Barker signs, Action Metal Recyclers, Climate Assist Png, and so on (Farahmand, 2011). Moreover, TCC makes out its potential customers for instance Allied Liquid Waste, Aba Pty Ltd, et cetera in order to amplify membership in an effective and a significant manner. In addition, TCC segments its target market demographically. Customer Analysis: From the viewpoint of advocacy service, TCC satisfies the needs and requirements of customers in a proper way. TCC offers wide range of facility to its customers together with current advanced constitution. Along with this, TCC adopts and implements rapidly changing constitution rules as well as regulations of Australia in order to take care of customers in an appropriate way (Kim and McAlister, 2011). On the other hand, in this demographical segmentation, TCC mainly focuses on local business communities mainly. TCC behaves friendly to fulfill the needs of customers in an appropriate way. TCC is also use both demographic and behavourial segmentation to target their customers. For case, as per the demographic, it targets the customers on the basis of ethnicity. For example, it targeted the customer within the regional city in Australia. On the other hand, based on behavourial segment, it also target its customer based on Benefits Sought and Loyalty Status.
Moreover, TCC also develops trust in order to establish a strong relationship with the customers. The board member of TCC provides solutions to customer in order to improve growth rate of business within business community.
Competitor Analysis: The TCC develops a network that offers alternatives of business to connect with large and diverse group of local as well as regional companies in order to promote its products and services in the nation. Moreover, no other organization is providing these types of service within nations (Leonidou, and Leonidou, 2011). For that reason, it can be said that, TCC does not have any competitors in today’s more complex and competitive business era.
Stakeholders Analysis: The most important stakeholders of TCC are the Toowoomba Chamber of Commerce & Industry, Toowoomba & Surat Basin Enterprise, Heritage Bank, Mrs Taisoo Kim Watson, University of Southern Queensland, Football Toowoomba Inc, and so on. Along with this, the stakeholders of TCC play a key role in order to develop the network and to make important contribution to the business. For case, University of Southern Queensland plays a major role in order to develop program in different cities (Park, and Rim, 2012). Moreover, Toowoomba & Surat Basin Enterprise plays a significant role in order to provide information about development of economy to the customers. In addition to this, Mrs Taisoo Kim Watson also plays a crucial role in the operational process of TCC. Also, Mrs Taisoo Kim Watson connects with the government council board and also infers the service that is helpful in order to enlarge income delegation in a more comprehensive way.
Conclusion and Recommendations
Conclusion: On the basis of the above market audit report, it has been acknowledged that because of new member of advocacy board, TCC is not capable to offer council with important information in order to improve performance of local business community of Toowoomba. Moreover, it is also observed that TCC is unable to meet the demands on the subject of statutory obligations in order to ensure ethical business activities. Along with this, TCC is also unable to carry out the statutory requirements to its customers. The organization is incapable to make corrections in its planning scheme policy. Also, as a result of changes in the government policy, Toowoomba TCC is powerless to assist its customers in an effective and a significant manner.
Recommendations: TCC should prepare a plan as well as design specific group in order to support the business framework in an appropriate way. Moreover, TCC should take on council officers within its chamber of commerce. On the other hand, TCC should follow the rules and guidelines of statutory guideline in order to make right plan and improve local business community planning effectively. This will be helpful for the firm in order to make the slight amendments in the policies of the TCC (Smith and Speed, 2011). Along with this, TCC should adopt standards in order to reduce the problem of amend planning scheme policy in a proper way.
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